Strong Start Act

This bill would create a $3,000 federal payment, adjusted each year for inflation, for parents of a child born, adopted, or placed with them after the law takes effect. The IRS would pay it within 30 days of a claim, and people found to have claimed it through fraud or reckless disregard of the rules could be barred from claiming it for a period of time. The bill would rename "Trump accounts" as "American Dream accounts," make the $1,000 government seed deposit into these children's accounts permanent, and adjust it for inflation. It would add yearly government deposits of $500, or $750 plus a match of up to $250 for families who receive the Earned Income Tax Credit, for children of parents earning up to $75,000 ($150,000 for joint filers). It would also exclude these accounts from most federal benefit eligibility tests for minors, and it would have the Treasury automatically open accounts for eligible children.

Full text and official record on Congress.gov

Sponsors

• Ruben Gallego Democrat sponsor
• 0 cosponsors